The figures were a little stronger than expectations. The number of unemployed people fell by 16,515, and January’s unemployed tally was revised lower by 10,900 from the originally reported 11,495 position decline, ABS said. The jobless rate fell to 3.5 per cent last month from January’s 3.7 per cent with the new job creation, the Australian Bureau of Statistics (ABS) said on Thursday.įebruary’s report was buoyed by an increase of 74,900 full-time positions, which was only partly offset by the loss of 10,300 jobs in part-time employment. The economy created 64,500 new jobs in February as the labour market delivered a widely anticipated bounce-back after two consecutive months of softer-than-expected job creation. Oil prices fell more than 5 per cent as memories of the 2008 financial crisis and its aftermath stoked fears of a global economic downturn. Meanwhile, Shell and BP declined by more than 8 per cent. Prudential, the insurer, lost more than 12 per cent of its valuation, while Barclays fell by 9 per cent. The FTSE 100 sank nearly 4 per cent, as British banks and asset managers were dumped by investors. Stock markets in Europe tumbled earlier in the day as anxieties mounted. APĮxperts predicted that it would require a bailout to prevent a collapse that would rock banks and pension funds around the world. Swiss officials were forced to make a show of support after shares in Credit Suisse plunged by as much as 30 per cent, spreading fear through the City of London that overshadowed British chancellor Jeremy Hunt’s maiden budget.īank of England officials were in talks to assess the potential effect of the problems at Credit Suisse. London | The Bank of England was holding emergency talks with international counterparts late on Wednesday (Thursday AEDT) amid rising alarm over a potential financial disaster at one of Europe’s biggest banks.
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